Live Events After banks and other financial institutions set the tone with early fourth-quarter results, a wider array of companies — including Netflix, Johnson & Johnson, and Intel — are scheduled to report earnings this week. Investors are banking on strong results and optimistic guidance to counter rising political and macroeconomic uncertainties. In 2025, after a robust run, major U.S. equity indexes have extended gains into the new year, though they slipped modestly this week and volatility indicators ...

智通财经APP获悉，美股主要股指上周几近收平，在第四季度财报季进入密集发布期之际徘徊于历史高 点附近。 市场出现板块轮动：小盘股代表罗素2000指数在最后三个交易日连续刷新历史收盘高位;受科技巨头和 主导市场的AI主题影响较小的道琼斯工业平均指数领涨主要股指。标普500指数全周基本持平，纳斯达 克综合指数则下跌约0.4%。 受委内瑞拉、伊朗和格陵兰等地缘政治消息影响而需密切关注的油价上周亦变化不大，微涨不足 0.5%。 未来一周，随着第四季度财报季全面展开且美联储下次议息会议临近，投资者将聚焦三大主题。 首先是美国总统特朗普将于美东时间周三上午在瑞士达沃斯世界经济论坛发表的讲话。 其次将是有关特朗普对下一任美联储主席人选考量的任何最新动态。截至上周五下午，Polymarket预测 市场显示，前美联储高级官员凯文·沃什最被看好获得提名，概率为60%。此前，特朗普在周五一场活 动中对白宫国家经济委员会主任、另一主要候选人凯文·哈塞特表示，更希望他留任现职。 上述地缘政治纠葛以及政府今年提出的一系列国内政策提案——从信用卡费用上限、多项帮助潜在购房 者的计划到关税政策调整——都可能成为特朗普本年度最重要的国际亮相之 ...

Core Insights - The semiconductor manufacturing technology is crucial for the AI revolution and other significant trends, with Intel being a key player in the PC and server CPU market [1] - Intel's foundry business has not grown as anticipated, resulting in substantial financial losses for the segment [2] - Despite challenges, Intel's share price has surged over 150% in the past year due to investor optimism regarding new manufacturing processes and potential demand growth by 2027 [3] Company Overview - Intel operates a chip foundry unit that manufactures its designs and serves third-party customers, aiming to become a major provider of fabrication services [2] - The company has a market capitalization of $234 billion, with a current share price of $46.96 [5] Market Dynamics - Taiwan Semiconductor Manufacturing Company (TSMC) dominates the advanced chip fabrication market, accounting for over 90% of this segment, particularly for AI and next-gen technologies [4] - Intel faces a lengthy timeline to gain market share from TSMC, but geopolitical factors, particularly the risk of China invading Taiwan, could enhance Intel's prospects [6] Geopolitical Factors - China has set a target for 2027 to potentially regain control over Taiwan, which could disrupt TSMC's operations and impact global semiconductor supply chains [7] - The potential destabilization from China's actions could create favorable conditions for Intel's foundry business as the need for diversified semiconductor supply chains increases [8]

Wednesday's speech by President Trump at 8:30am represents a critical market catalyst as he outlines economic priorities and policy initiatives for the year ahead. Investors will scrutinize the address for insights into potential tax policy changes, infrastructure spending proposals, regulatory approaches, and crucially, any evolution in trade policy that could impact multinational corporations and global supply chains. Trump's commentary on China relations will be particularly important given ongoing tensi ...

Core Viewpoint - Intel Corporation has made a significant comeback, overcoming challenges posed by competitors like NVIDIA and AMD, particularly after leadership changes and federal investment [1]. Group 1: Company Overview - Intel Corporation (NASDAQ: INTC) designs and manufactures processors, chips, memory, and related hardware, while also providing software, optimization solutions, and AI-enabled platforms [2]. Group 2: Recent Developments - The company faced difficulties under former CEO Pat Gelsinger, but new CEO Lip-Bu Tan has successfully secured a nearly $9 billion investment from the federal government, which has positively impacted Intel's financial health [1]. - Following the federal investment, NVIDIA also made a $5 billion investment in Intel, contributing to a surge in the company's stock performance [1]. - The cleanup of Intel's balance sheet has led to improved investor sentiment and a stronger bottom line for the company [1].

Founded in 1968 by tech pioneers Robert Noyce and Gordon Moore, Intel gets its name from “Integrated Electronics” and quickly became one of Silicon Valley’s defining innovators. Headquartered in Santa Clara, California, it continues to push the boundaries of semiconductor technology. Today, Intel designs and manufactures a broad range of cutting-edge products, from microprocessors and chipsets to artificial intelligence (AI) accelerators and networking solutions, that help billions of devices connect, compu ...

Core Viewpoint - Intel is positioned as a strong buy due to the booming demand for server CPUs, the introduction of the Panther Lake CPU family, and opportunities in the foundry business [1][2]. Group 1: Panther Lake and CPU Comeback - The Panther Lake family of PC CPUs, unveiled at CES 2026, represents a significant leap in performance and efficiency, being the first high-volume chip to utilize the Intel 18A process [3]. - Early reviews suggest that Panther Lake laptops are well-received, highlighting improvements in battery life, performance, and graphics capabilities, indicating a potential resurgence for Intel in the PC market [4]. - Following Panther Lake, the Nova Lake CPU line is expected to launch, also utilizing the Intel 18A process, while the Serpent Lake CPU, developed in collaboration with Nvidia, remains a future prospect [5][6]. Group 2: Server CPU Demand - There is a soaring demand for server CPUs as major tech companies build AI data centers, leading to a scarcity of these chips, with Intel unable to fully meet demand in early 2026 despite shifting manufacturing capacity [7]. - Intel's Granite Rapids and Sierra Forest server CPU families are manufactured using the Intel 3 process, with next-gen CPUs expected to leverage the Intel 18A process, which is anticipated to enhance performance and efficiency [8][9]. Group 3: Foundry Opportunities - The Intel 18A process has significantly closed the performance gap with TSMC, positioning Intel to attract external customers seeking advanced semiconductor manufacturing amid a supply shortage [10]. - The current demand for advanced semiconductor manufacturing exceeds supply, and Intel's improving yields could allow it to capture business from chip designers needing additional capacity [11][12]. - Although it may take time for Intel's foundry business to generate substantial revenue, the company is well-positioned to secure orders due to the ongoing shortage of advanced chip manufacturing capacity [13]. Group 4: Market Position and Stock Performance - Intel's market capitalization stands at $234 billion, with shares having increased by 27% in early 2026, following an 84% gain in 2025, indicating a strong investor interest in the company's turnaround story [1][14]. - Despite the recent surge in stock price, Intel's market cap remains below its all-time high, suggesting potential for further growth as the total addressable market expands due to the foundry business and rising demand for AI-related chips [14][15].

Group 1: Economic Events and Data Releases - The U.S. stock and bond markets are closed for the Martin Luther King Jr. holiday, coinciding with the start of the World Economic Forum in Davos, Switzerland [1][9] - The delayed Personal Consumption Expenditures (PCE) price index for October and November is set to be released, along with the final reading for third-quarter Gross Domestic Product [2][4] - The Federal Reserve is closely monitoring inflation data ahead of its upcoming meeting, with officials divided on whether to continue lowering interest rates [4] Group 2: Company Earnings Reports - Netflix is expected to report on its quarterly earnings, which may provide insights into its acquisition efforts for Warner Brothers Discovery, potentially shifting to an all-cash offer [6] - Intel's stock has been rising due to optimism surrounding its new AI PC chip and significant investments from the U.S. government and Nvidia [7] - GE Aerospace is also reporting this week, with its stock near all-time highs following strong demand in commercial and military aviation [7] - United Airlines' earnings report is anticipated after Delta Air Lines reported a weaker-than-expected profit outlook [7] Group 3: Key Corporate Events - Several major companies, including Johnson & Johnson, 3M, and Travelers Companies, are scheduled to report earnings this week [8]

来源：EETOP 前言 计算机必须有一个科学稳定的随机数来源，才能得到随机数。这个来源称为随机数生成器(Random number generators，RNG)。 第一个真随机数生成器是在1955年由Rand公司创造，Rand公司在1955年出版了一本《A Million Random Digits with 100,000 Normal Deviates》，用作随机 数表。 1999年，Intel发布了Intel810芯片组时，就配备硬件随机数生成器，原理是电阻和振荡器产生的热噪声。目前，大部分芯片都集成了硬件随机数生成器， 使用非常方便。 常见的随机数生成器有三种： 1. 真随机数生成器（TRNG） 基于电路的TRNG： 2. 伪随机数生成器（PRNG） TRNG生成的随机数是无周期性、不可预测、分布均匀，然而TRNG技术要求高，生成速度低，难以满足计算机高速计算需要。 因此为了提高数据产生率，TRNG的结果往往作为PRNG种子值，并以此生成伪随机的输出序列。 伪随机数算法： 1. 基于二进制字段上的矩阵线性递归，可以快速产生高质量的伪随机数。随机数范围[0，2*k)，k=19937，32，64。计算机 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The demand for server CPUs is increasing due to the upgrade of data center architectures and the continuous rise in AI inference computing power, leading to sustained growth in demand [2][3] - Intel and AMD are raising server CPU prices by 10%-15% to address supply-demand imbalances and ensure stable future supply, with their server CPU capacity for 2026 nearly sold out [1][2] - The general server market is recovering, with a projected global server shipment growth of over 9% year-on-year, driven by data center architecture upgrades and the replacement of existing server CPUs [1][2] Summary by Sections Section 1: Price Adjustments and Market Dynamics - Intel and AMD are increasing server CPU prices by 10%-15% due to supply-demand imbalances [1] - The global server shipment is expected to grow by over 9% year-on-year, influenced by the launch of new CPU products and data center upgrades [1][2] Section 2: AI Influence and Capital Expenditure - The rise of generative AI is driving an increase in AI server procurement, which is affecting the budget for general servers [2] - Cloud vendors are expanding capital expenditures to meet the growing demand for AI inference servers, with global AI server shipments projected to grow over 20% year-on-year by 2026 [2] Section 3: Domestic CPU Developments - Domestic next-generation server CPUs are accelerating deployment in various scenarios, with improvements in stability and compatibility [2][3] - Companies such as Loongson Technology, Haiguang Information, and China Great Wall are highlighted as key players in the domestic CPU market [3]